How Does eLearning Address the Training Needs of Banking and Financial Professionals?

Written By Manisha Reddy K

June 4, 2013 // 10:00 AM

According to the recent research, the banking sector is moving away from the traditional training methods, to the emerging online training or eLearning for its professionals.

Banking and financial organizations are in the continuous need to train their employees’ on new processes, financial instruments, technologies, etc. E-learning is an effective solution for the various training challenges, faced by the banking and financial professionals. This blog gives quick bytes on how eLearning addresses the various training needs of financial professionals.

Process Training: There are various processes in banking such as, payments process, loan approval process, mortgage process, etc. Processes are well explained with the help of process flow charts and process tables. E-learning is effective for process training, because we can have the big picture of the process on-screen, and the audio can provide the detailed explanation about the process.

Software Training: Financial software applications such as WebLogic, WebSphere, etc. are the base for banking transactions, and the employees need to be trained on these applications. E-Learning offers a perfect solution in the form of simulations. Simulations are used to demonstrate the functionality of each element in the application, step by step procedure of how to use the software, and much more.

Financial Instruments Training: Financial instruments such as equity funds, risk bearing and guarantee schemes, can be well explained in eLearning using definitions of the concept, various examples and non-examples.

Compliance Training: Banking professionals need to comply with many regulatory bodies (national & international), and they need to be trained on how to comply with these bodies. Employees also need to comply with the code of conduct that is specific to the organization. E-learning can include many scenarios and case studies to teach what is expected from the employees.

Sales Training: Sales performance is very critical for any retail bank, and can be increased by training the branch managers or sales team leaders. E-learning can be used to improve the productivity of sales team, drive and manage the higher sales, transform from product-led selling to solution-led selling. Many real-time situations faced by experienced sales managers can be designed into case studies, which act as valuable knowledge-transfer of effective selling techniques, to the current sales force.

Telephone Etiquette Training to Representatives:

Representatives who are in customer-facing positions, are always in open-dialogue with the customers. They should have up-to-date product knowledge and should discuss it correctly with the customers. Apart from the product knowledge, they should have excellent telephone etiquette, which includes listening skills, conversational ability, enthusiasm and energy, etc. In eLearning courses you can teach the process of handling customer calls, the behavioral psychology of the customers given by experts. These courses can also include role-plays on how to handle dissatisfied customers, their objections and many more. Assessments can be structured to test how the representatives will react to a given situation, and a detailed feedback will help them improve their skills.

E-learning is a one-stop solution to address a variety of training needs of the financial and banking professionals. Banking professionals who are spread globally can opt for eLearning, as it is convenient and cost effective. If you any more ideas or suggestions, do share your thoughts!

About CommLab India

CommLab India addresses the learning and development needs of major organizations through its custom and rapid e-learning solutions, translations and mobile learning services. Since 2000, we have been offering technology-enabled solutions to accelerate workforce performance.

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